Warehouse sold in £3.8m deal

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A YORKSHIRE warehouse has been snapped up by a property investor for £3.83m.

The 80,520 sq ft building at Leeds 27 industrial estate in Morley was sold by Severfield to Threadneedle Property Investments. The price reflected a net initial yield - the rent generated by a property expressed as a percentage of its valuation -of 7.95 per cent.

The warehouse is let to kitchen specialist Nobia on a five-year lease, which expires at the end of 2017. Leeds-based industrial agent Gent Visick advised Severfield.

Alan Dunsmore, group finance director at Severfield, said: “We are delighted with this disposal and the sale price achieved by Gent Visick.”

Garry Howes, investment partner at Gent Visick, added: “This disposal underpins the strength of appetite for fundamentally quality industrial product in the present market.”